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June Remittances, July Manufacturing PMI, Banxico Economist Survey

MEXICO
  • Juan Ramiro Robledo Ruiz, head of the lower house constitutional issues committee, said yesterday that lawmakers from the ruling coalition are confident they will get the votes needed to approve the government’s judicial reform. Robledo said his committee is now studying the proposal and that it could be out of committee in mid-August, before the new congress take office in September. USDMXN is trading lower again today, with the pair currently 0.5% lower around 18.52. Initial support is at 18.2647, the 20-day EMA.
  • On the data front, the manufacturing PMI for July will be released at 1600BST(1100ET), alongside June remittances figures. For the latter, analysts expect remittances to come in a $5.52bn, down from $5.62bn in May. Meanwhile, Banxico will also publish its latest economist survey at 1600BST. Later today, IMEF manufacturing and non-manufacturing data for July will be released at 1900BST(1400ET).
  • Meanwhile, President-elect Claudia Sheinbaum will hold a press conference at 1800BST(1300ET), when she is expected to name members of her extended cabinet including the heads of state companies.

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